Cryptocurrencies have only been in use for less than a decade, but have proven to be a booming and fascinating financial field. It’s no wonder that everyone is trying to get the cryptocurrency facts straight. In their short existence, cryptocurrencies have experienced some of the highest highs and lowest lows of any commodity.
5 Incredible Cryptocurrency Facts
It would be unfeasible to go into great depth about all the details of these new currencies. This is a subject people will be writing whole books about for years to come.
What we do have are some of the most fascinating facts about these “currencies of the future”.
1. Bitcoin is the Best-Known Cryptocurrency, but its Creator is a Ghost
Bitcoin is the most famous of the cryptocurrencies, but its recognized creator is a non-entity.
The creation of Bitcoin is publicly attributed to one Satoshi Nakamoto. However, that name is just a pseudonym obscuring the identity of the person or persons responsible for creating Bitcoin.
2. There is a Definite Limit to the Amount of Bitcoin that Can Exist
Bitcoin’s status as the premier cryptocurrency can be partially attributed to the fact that only a finite amount of it will ever exist.
Only 21 million Bitcoins will ever be able to be mined, 17 million of which are currently in circulation. The current reward for each new block mined is 12.5 BTC, and that number will be halved ever four years.
After 64 reductions, the reward will be reduced to one final bitcoin, which is expected to be mined sometime around 2140.
3. Cryptocurrency is Favoured by Criminals and the FBI Alike
In 2017, the infamous ransomware WannaCry would attack computers by encrypting all the data on it, rendering it useless. Hackers would demand hundreds of dollars, paid in Bitcoin, per computer to unlock the encrypted data.
A good reason to keep on top of your financial security game.
Meanwhile, the FBI has also found use for crypto. It is believed that the FBI holds the largest Bitcoin wallet in the world, with a value estimated at around $120 million. If you are looking to buy, check out xcoins.com for a fast and easy transaction.
4. There are More than 1,500 Cryptocurrencies
More than 1,500 distinct cryptocurrencies have been created, with more entering the market all the time. With all the buzz around cryptocurrency, speculators make a brisk business out of trading hot currencies.
5. Google is Exploring the potential of Cryptocurrency
There has been much speculation regarding Google’s recent move to lift an existing ban on cryptocurrency ads on their platform.
This, combined with the news that they had approached Ethereum CEO Vitalik Buterin with a job offer has fueled speculation that Google is investigating the possibility of creating their own cryptocurrency.
It goes without saying that if a tech giant like Google decided to introduce their own currency, it would be huge news and shake up the burgeoning crypto market.
Opportunity in Uncertainty
Cryptocurrencies still garner much suspicion, and fairly so. The volatile boom-bust cycle they follow has caused even well-known coins like Bitcoin to lose up to 2/3 of its value in a single crash.
However, this volatility also entices with the potential for lucky investors to become billionaires overnight.
If you appreciated these cryptocurrency facts, check out our other posts for more tech and finance stories.
